The Senate was thrown into a rowdy session on Wednesday after some lawmakers opposed a request by President Muhammadu Buhari for the Senate to approve N23.7 trillion taken from the Central Bank of Nigeria by the federal government.
The lawmakers were considering the president’s request on “ways and means advances” during plenary when angry lawmakers disrupted the session demanding details of the request.
The Ways and Means are advances (or funds) from the CBN to the federal government for emergency funding of delayed receipt of fiscal deficit.
In a letter to the Senate last week, the president sought the Senate’s approval of the N23.7 trillion advances.
He said the amount has been a funding option to the federal government to cater for short-term or emergency finance to fund delayed government expected cash receipt of physical deficit.
“The Ways and Means balances as at 19 December 2022 is 22.7 trillion,” he said in the letter. “I have approved the securitisation of the ways and means balances along the following terms – Amount, N23.7 trillion; Tenure, 40 years; Moratorium on principal repayment, three years; Pricing interest rate, nine per cent.”
The Chairman of the Senate Committee on Finance, Adeola Olamilekan, attempted to present the report of the president’s request when Rivers senator, Betty Apiafi, raised a Point of Order and said the president’s request was not constitutional.
She was, however, ruled out of order by the Senate President, Ahmad Lawan, who asked that Mr Olamilekan present the report before contributions are made.
This was followed by noise and chaos from senators who were seen shouting and leaving their seats. This lasted about 10 minutes.
